Property taxes are annual, not a once-in-a-lifetime event to deal with. If you’re unsure your financial situation will allow you to make timely future payments, then refinancing might not be the right choice for you.
APPLY FOR A RESCUE L R A RESCUE LOAN
Another credit option to access to clear the tax delinquency on your property is a “rescue loan.” A $5.5 million grant from the Washing State Attorney General’s Office established the Washington Homeowner Stability Fund, for example. This is a rescue loan program that offers eligible homeowners deferred loans of up to $30,000 at zero to 2% interest. This helps keep families in their homes and part of their communities. Homeowners receive free foreclosure prevention counseling from a HUD-certified housing counseling agency. Foreclosure prevention specialists provide clients with an assessment of their situation and review program rules and guidelines. These guidelines help determine if the homeowner is qualified. A foreclosure prevention specialist will explain how the program operates and the benefits of the loan. Homeowners shouldn’t assume they won’t qualify, and should get in touch with a HUD- certified counseling agency as soon as possible to start the process of saving their home and regaining stability. Even though it’s highly regulated and requires meeting multiple conditions and guidelines to be granted and take effect, the rescue loan is a feasible option to use to pay delinquent property taxes and stop the foreclosure process on your property.
HIGH-INTEREST LOAN OFTEN THE ONLY OPTION
Unfortunately, a high-interest, high-risk loan is often the only loan an owner with delinquent taxes and bad credit can obtain.
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